Interest rates have been very low for several years, and right now they are lower than ever, yet millions of mortgage borrowers who could profit from a refinance haven’t. Similarly, millions of borrowers who are having trouble making their mortgage payments but want to remain in their homes could have their mortgages modified to make …
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A mortgage recast is an adjustment in the monthly payment that makes the payment fully amortizing. The recast will be a payment increase when the existing payment is less than fully amortizing, and a payment decrease when the existing payment is more than fully amortizing. For example, let’s say your home loan has a balance …
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In early November, co-chairs of the National Commission on Fiscal Responsibility and Reform released a draft of a proposal that suggested significantly reducing mortgage interest tax deductions. The final proposal was released Wednesday amid much controversy. The details of the draft have been circulating for weeks, and while the proposal has received some support, there …
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More than half of the estimated 310,000 homeowner and condominium associations in the United States are struggling with financial issues stemming from the nation’s mortgage foreclosure crisis and related economic downturn, according to the Community Associations Institute (CAI). The organization released the results of its national survey this week and found that 45 percent of …
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